Anne Cleves Company reported the following amounts in the stockholders equity section of its December 31, 2024, balance sheet.

Preferred stock, 10%, $100 par value

(10,000 shares authorized, 2,000 shares issued) $ 200,000

Common stock, $5 par value

(100,000 shares authorized, 20,000 shares issued) 100,000

Paid-in Capital in Excess of Par Preferred Stock 20,000

Paid-in Capital in Excess of Par Common Stock 360,000

Total paid-in capital 680,000

Retained earnings 450,000

Total stockholders' equity $1,130,000

During 2025, Cleves took part in the following transactions concerning stockholders equity.

March 4	Issued 12,000 shares of common at $25 per share.
March 18	Issued 500 shares of preferred stock at $105 per share.
June 30	2-for-1 Stock Split for common stock
July 9	Purchased 2,400 shares of its own outstanding common stock for $15 per share. Cleves uses the cost method.
Aug. 1	Sold 800 shares of treasury stock at $18 a share
Sept. 10	The preferred stock dividend is declared, and a common stock dividend of $.50 per share is declared

1. What is the amount of dividend payable for common stock that Ann Cleves should recognize when it declared a common stock dividend of $.50 per share on September 10?

a. $36,000

b. $20,000

c. $32,000

d. $31,200